Australia business investment dips in Q1, outlook sharply upgraded

Retail sales did rise a solid 1.2% in the quarter to a record high A$93 billion in real terms with consumers not yet deterred by surging goods prices.

SYDNEY: Australian business investment fell unexpectedly in the first quarter as floods and bottlenecks hit building work, though firms sharply lifted plans for spending in the year ahead in a boost to the economic outlook.

Data from the Australian Bureau of Statistics out on Thursday showed private capital spending dipped a real 0.9% in the March quarter, from the previous quarter, missing forecasts of a 1.5% increase.